Annual Actuarial Report
CFRS consulting actuary performs an in-depth valuation of each of the Retirement Systems every year to assess the sufficiency of assets to fund the benefits promised to members and eligible beneficiaries. In accordance with CFRS Actuarial Funding Policy, the actuarial valuation contains recommended employer and employee contribution rates to fund the annual “normal cost” of the System.
The Actuarial Valuation and Review is an annual report that summarizes the actuarial data used in the valuation, analyzes the preceding year’s experience, and establishes the funding requirements for the next fiscal year commencing on July 1, following the date the report is provided. Actuarial reports are prepared in accordance with generally accepted actuarial principals and practices at the request of the Board to assist in administering the Retirement Systems. The census and financial information, on which the Actuaries calculations are based, was prepared by staff of the Retirement System. CFRS consulting actuaries are member of the American Academy of Actuaries and meet the Qualifications Standards of the American Academy of Actuaries to render the actuarial opinion herein.
Click below to review the current Actuarial Valuation and Review. Past years reports are available here.
Actuarial Valuation and Review as of June 30, 2020
GASB 67 Actuarial Valuation as of June 30, 2020
Actuarial Experience Studies
The Actuarial Experience Study is a triennial review of CFRS demographic (non-economic) and economic assumptions and “plan experience.” Each study analyzes the census data of the last three actuarial valuations, anticipates broader economic changes that might impact the system, and proposes adjustments to the actuarial assumptions used in future valuations.
Actuarial Experience Studies (Non-Economic). Past reports are available here.
July 1, 2015 through June 30, 2018
Actuarial Economic Assumptions Reports.
As of June 30, 2019
Review of Cost Neutrality for Deferred Retirement Option (DROP)
Every three years the Retirement Boards engage their Actuary to perform a review to determine the cost neutrality of the DROP based on data, assumptions and methods from the most recent actuarial valuation.
Click below to review the most recent Actuarial DROP Cost Neutrality Study.
DROP Cost Neutrality Study as of June 30, 2019